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Rule of 55 & Reducing Social Security Taxes

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Wise Phenomenal
Wise Phenomenal
18 Jul 2021

Many people who retire early can use the rule of 55 to avoid the 401(k) early withdrawal penalty. You Must Leave Your Job the Year You Turn 55—or Later. If you retire or are laid off in the calendar year you turn 55 or later—or the year you turn 50 if you’re a public service employee—you can withdraw funds from your current 403(b) or 401(k) plan without paying the early withdrawal 403(b) or 401(k) penalty.
Many Americans also pay taxes on Social Security benefits anywhere from 50% to as high as 85% because their combined income from Social Security and other sources pushes them above the very low thresholds for taxes to kick in.
You can use some strategies, before and after you retire, to limit the amount of tax you pay on Social Security benefits. In this short educational video we will cover how the rule of 55 could lead to lower taxes on your Social Security benefits.

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